Assessing the various factors driving market growth, FMI analyst said, "Advancements in product offering is fuelling the demand for nutraceuticals for application in a wide range of products such as medicines and food & beverages.

Even though 18% is the apparent figure, the latent market for nutraceuticals in India could be two to four times the existing market, with nearly 148 million potential customers, according to a recent report, "Nutraceuticals - Critical Supplements for Building a Healthy India" by the industry research firm Ernst & Young and the Federation of Indian Chambers of Commerce and Industry.

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